Seems like the "digital gold/commodity" narrative that made #Bitcoin palatable to institutions is quietly becoming its cage. As institutions accumulate real #bitcoin, this same framing enables them to create "regulated" btc derivatives to herd everyday people into, instead of sovereign money. As we speak, regulatory moats are being built that undermine Bitcoin's true power as currency and make no mistake about it, this commodity classification that Lutnick is pushing isn't protection—it's containment. Of course none of this will change btc's code or rules, but for the millions of people that are yet to understand it or hear about it, most likely their first foray into the bitcoin world will be through a Blackrock ETF or even a "bitcoin backed" stablecoin, ie CBDC.